v3.25.1
Discontinued Operations
3 Months Ended
Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations

8. Discontinued Operations

On October 1, 2024, the Company completed the spin-off of 79 convenience properties to Curbline, a separate publicly-traded company. The spin-off of the convenience properties represented a strategic shift in the Company’s business and, as such, the Curbline properties are reflected as discontinued operations for the three months ended March 31, 2024. The operating results related to the Curbline properties were as follows (in thousands):

 

 

Three Months Ended March 31, 2024

 

Revenue from Operations:

 

 

 

Rental income

 

$

27,866

 

Other income

 

 

173

 

 

 

 

28,039

 

 

 

 

 

Rental operation expenses:

 

 

 

Operating and maintenance

 

 

2,932

 

Real estate taxes

 

 

3,021

 

General and administrative

 

 

103

 

Depreciation and amortization

 

 

9,200

 

 

 

 

15,256

 

Other income (expense):

 

 

 

Interest expense

 

 

(250

)

Transaction costs and other expense

 

 

(3,102

)

 

 

 

(3,352

)

Net income attributable to discontinued operations

 

$

9,431

 

The following table summarizes non-cash flow data related to discontinued operations (in millions):

 

Three Months Ended March 31, 2024

 

Accounts payable related to construction in progress

$

1.3

 

Assumption of buildings due to ground lease terminations

 

2.0

 

For the period ended March 31, 2024, capital expenditures included in discontinued operations was $22.8 million.